Iran’s economy has shrunk for the first time in more than twenty years. It shrank by 1.9 percent in 2012 and could contract by 1.3 percent in 2013, according to a new report by the International Monetary Fund (IMF). Unemployment is also expected to rise to 13.4 percent in 2013, up from 12.5 percent in 2012.
Iran is facing its most serious economic challenge since the 1994 debt crisis or the 1980-1988 war with Iraq. Western sanctions slashed oil exports by about 50 percent in 2012. They previously provided up to 80 percent of Iran’s foreign revenue.
But the IMF projects Iran’s economy to grow 1.1 percent in 2014. And consumer prices could also come down, according to the annual “World Economic Outlook.” The following tables are excerpts from the report, with a link to the full text at the end.
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